Section 989CA — Corporations Act 2001 (Cth)

(1) If an individual auditor, or an audit company, conducts an audit of a profit and loss statement and balance sheet for the purposes of this Subdivision, the individual auditor or audit company must:

(a) conduct the audit in accordance with the auditing standards; and

(b) include in the audit report on the profit and loss statement, and balance sheet, any statements or disclosures required by the auditing standards.

(2) If an audit firm, or an audit company, conducts an audit of a profit and loss statement and balance sheet for the purposes of this Subdivision, the lead auditor for the audit or review must ensure that:

(a) the audit is conducted in accordance with the auditing standards; and

(b) the audit report on the profit and loss statement, and balance sheet, includes any statements or disclosures required by the auditing standards.

Fault‑based offence

(3) A person commits an offence if the person contravenes subsection (1) or (2).

Strict liability offence

(4) A person commits an offence of strict liability if the person contravenes subsection (1) or (2).

Related sections

• s 988G — Records taken to be made with licensee’s authority
• s 989B — Financial services licensee to prepare and lodge annual profit and loss statement and balance sheet
• s 989C — Requirements as to contents and applicable accounting principles
• s 989D — Time of lodgment
• s 990A — Sections 990B to 990H not to apply to public companies
• s 990B — Appointment of auditor by licensee

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